Version 6 - November 2024 (template release)
Template release pack
This release focuses on the legislative content changes, features and correction updates for the period ending December 2024. The template is available on platform 6.28.9259 / 6.29.9459 / 6.30.9574 / 6.31.9627 / 6.32.9713.
Release notes
- Period ended: December 2024
- Update type: Major (legislative, corrections, and features)
Overview
The United States Corporate Template content version 6.0 includes important legislative updates and new features. The key legislative updates in this version take effect for annual periods starting December 2024. You can access this template on platform 6.28.9259
Legislative updates
For detailed and specific changes, refer to the document titled US Corporate Template (11.2024) (P 6.28.9259 C 6.0 – Content Change List [full version]), which contains the complete list of content updates.
Legislative
Accounting reference number | Details |
|---|---|
Pronouncements adopted – Segment Reporting | In November 2023, the FASB issued Accounting Standards Update (ASU 2023-07), Segment Reporting. This update requires public entities to disclose significant segment expenses that they regularly provide to the Chief Operating Decision Maker (CODM). Included within each reported measure of segment profit or loss, thereby improving reportable segment disclosure requirements. |
Pronouncements adopted – Leases: Common Control Arrangements | In March 2023, FASB issued ASU No. 2023-01, Leases (Topic 842) - "Common Control Arrangements." This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is a lease, entities must classify and account for it on the same basis as an arrangement with a related party. The ASU requires all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. |
Pronouncements adopted – Derivatives and Hedging | On March 28, 2022, the FASB issued ASU 2022-01, "Fair Value Hedging - Portfolio Layer Method." This update expands the current last-of-layer method to allow multiple hedged layers to be designated for a single closed portfolio. The last-of-layer method was renamed the portfolio layer method to reflect that expansion. |
Pronouncements adopted – Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 provides an exception to fair value measurement for contract assets and contract liabilities related to revenue contracts acquired in a business combination. |
Pronouncements adopted – Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity | In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 update simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. |
Pronouncements adopted – Revenue | ASC Topic 606, Revenue from Contracts with Customers, establishes a five-step revenue recognition model. This model replaces all previous revenue recognition requirements. This allows companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. |
Corrections
2489240 | Display as always to avoid push to web error issues | Display as Always has been set for:
|
Features
Item ID | Title | Details and limitations |
|---|---|---|
2489246 | Unused folders and elements to the archive folder | Added a Pre 2024 [to be deleted YE 2029] folder to Note 7 – Investments and Note 21 – Segment and Geographic Information. |
Content changes
Item ID | Title | Details and limitations |
|---|---|---|
2603845 | Statement of Changes in Equity | Added new line item called Adoption of ASU 2020-06. |
2603846 | Note 10 – Loans, Notes, Trade and Other Receivables | Added a new section called Accounting for the Convertible Notes. |
2603847 | Note 21 – Segment and Geographic Information | Added new text and tables. |
2603848 | Note 23 – Related Party Transactions | Added new text. |
Known issues
There's a known issue on platform 6.29 where the report displays elements even though they are set to "Never."
Additional information
We created additional folders to store dated content at the bottom of each folder level of the annual report. Review these elements and create duplicates if you need to keep them.
XBRL changes
There's no XBRL changes in this release.
Impact on existing clients
There's no impacts in this release.
Deviations from standard configuration
There are no deviations in this release.
Appendix
There's no appendix items in this release.
Related Content
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United States
Format:
Article